Nearly all clients of bankrupt cryptocurrency broker Voyager Digital have voted in favor of the company’s plan to sell its assets to Binance.US, the US affiliate of the cryptocurrency giant.
According to a Tuesday presentation in the United States Bankruptcy Court for the Southern District of New York, around 97% of Voyager account holders accepted the $1 billion deal with Binance.US.
Over 59,000 Voters Favor Voyager-Binance.US Deal
The voting process was carried out by the corporate restructuring firm Stretto and documented by director Leticia Sánchez.
According to Stretto, voters were grouped into four, namely, Class 3: Accountholder Claims, Class 4A: OpCo General Unsecured Claims, Class 4B: HoldCo General Unsecured Claims, and Class 4C: General Unsecured HoldCo Claims. TopCo.
The ballots were delivered to voters on January 25 with a submission deadline of February 22. The restructuring company delivered both hard copies and virtual ballots.
“For a Ballot to be counted as valid, it is required that the Ballot have complied with the Application and Voting Procedures, including the requirement that the Ballot be duly completed, executed by the Claim Holder (or the authorized representative of said Holder), is submitted by a voting entity, and received by Stretto on or before the voting deadline,” Stretto said.
Of all the eligible voters who participated in the process, 59,183 accepted the deal, while 2,117 users rejected it.
Object of US regulators
Remember that Binance.US signed a billion dollar deal with Voyager after cryptocurrency exchange FTX, the initial winner of the asset auction, went bankrupt.
the deal received initial approval on January 10. US District Judge Michael Wiles reportedly gave the deal a green light, asking both companies to develop a purchase plan and solicit creditor votes on the sale.
Following final court approval during a hearing this month, the sale will allow for the return of 51% of client assets that were withheld due to the bankruptcy filing.
Meanwhile, several US entities have filed objections to the restructuring plan. The Securities and Exchange Commission (SECOND), the Federal Trade Commission (FTC), and the Texas State Securities Board have opposed the motion.
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